Pine State News

The average VA interest rate reduction refinance loan (IRRRL) amount in Maine during the first quarter of fiscal year 2024 was $235,196, according to figures provided by the Veterans Affairs Home Loans Index.

Maine's average VA IRRRL loan amount for the fourth quarter of 2023 was $329,941.

The VA assists service members, veterans and eligible surviving spouses in achieving homeownership through loans provided by banks and mortgage companies.

A portion of the loan is guaranteed by the VA, which allows the lender to provide better rates.

Several VA housing programs can help members buy, build or repair their homes. Loan types may include home purchase loans, interest rate reduction refinance loans, and adapted housing grants geared toward veterans with a service-connected disability.

The VA's fiscal year stretches from Oct. 1 to Sept. 30.